Exchange rates between Naira/Dollar increases by 0.13% at black market

The exchange rate between the Naira and the US dollar at the black market increased by 0.13 per cent to trade at N742/$1 on Thursday from N743/$1 recorded in the previous trading session.

The Naira at the cryptocurrency peer-to-peer FX market dropped by 0.29 per cent to trade at a minimum of N748.7/$1 on Thursday morning, when compared to N746.57/$1 traded at the same time on Wednesday, 19th October 2022.

Meanwhile, the exchange rate between the Naira and the US dollar at the I&E official window closed at N441.5/$1 on Wednesday, 19th October 2022, a slight fall of 0.06 per cent from N441.25/$1 recorded in the previous trading session.

However, the FX turnover at the I&E window increased by 71.73 per cent to $127.65 million on Wednesday from the $74.33 million that was traded on Tuesday.

Nigeria’s external reserve stood at $37.76 billion as of 18th October 2022, a decline of 0.1 per cent when compared to $37.96 billion recorded the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous intervention by the CBN in the official market to maintain the stability of the local.